Wanxiang QianChao Plan To Become the Leader of International Rolling Element Industry As a leading enterprise in auto aftermarket industry, Wanxiang QianChao cooperated with SOJITZ(Jap) and plan to be the leader of international rolling element industry. First, a win-win cooperation has been formed. A joint venture, Hangzhou QianChao Precision Equipment Co.,Ltd, has been founded by Wanxiang and SOJITZ. In this new company, 75 percent of the registered capital came from Wanxiang and SOJITZ took the other 25 percent. SOJITZ, the former NICHIMEN, is also a powerful company in Japan and one of the World Top 500. It has been operating for nearly 110 years. In april 2003, NICHIMEN and Nissho Iwai who is also one of the World Top 500 formed a joint venture, named SOJITZ. Wanxiang QianChao, a subsidiary of Wanxiang Group, is also a famous rolling element manufacturer in China. Second, the profitability of this new joint venture are expected to increase. In accordance with the study report of related department, the products of this new formed joint venture will be high value-added and high tech items. So these products will guarantee the company's profit. Third, expedite Wanxiang's Three-step development strategy. Long long time ago, Wanxiang Group has set a three-step strategy: First, building a global manufacturing center of auto aftermarket products; Second, becoming integrated module supplier of system components; Third, bringing Wanxiang Group more in line with the international practice. The joint venture's founding is part of Wanxiang Group's strategy of capital operation and acquisition. In future, this strategy of Wanxiang Group will be implemented as soon as possible. About Wanxiang Group